SIRIUS SHAREHOLDERS FIGHT BACK AND ACCUSE MANAGEMENT OF RACKETEERING. (RICO)

A group of incensed shareholders, over 500 strong and growing, have banned together and accused SIRIUS XM management of unjustly enriching themselves at the expense of the corporation.

A derivative suit on behalf of the Corporation has been filed in the United States District Court, Central District of California, Southern Division. Case number SACV08-00790CJC

Case accuses management of violations of the FEDERAL RACKETEER INFLUENCED AND CORRUPT ORGANIZATIONS ACT (RICO), BREACH OF THE FIDUCIARY DUTY AND THE SHERMAN ACT.

This suit seeks to prevent management from further damaging its shareholders (i.e. the corporation)
with massive amounts of further dilution (8 billion shares in the fully diluted float) and as much as a 1 for 50 reverse stock split.

We are working to gain control of our company by seeking to remove current members of the board as well as top executive Mel Karmazin. Mr. Karmazin said in an interview on September 15th 2008 with Sarah McBride of the Wall Street Journal “Given SIRIUS XM low stock price Mr. Karmazin said he would love to take the company private.” But given the state of the credit market, “How do you find [the money] today?” If the company was generating positive cash flow, which he expects it to do for the full year in 2009, privatization would become much more feasible, he says.

Given Management’s history,
 Locking their shareholders into the longest merger delay in history.
 Preventing the Corporation from seeking alternatives or potential suitors.
 Failing to commercially introduce interoperable radios.
 Their insistence on going forward with the merger at any and all costs.
 Consummating the merger issuing 300 million shares to the financiers of XM’s debt to be sold short on the open market.
Mr. Karmazin and the board have severely damaged shareholder value in violation of their fiduciary duties.

In light of aforementioned, it is clear that they have lost sight of their obligations to the Corporation and have breached and will continue to breach their fiduciary duties in the future. We, as a group will not stand for this and will use any means possible to prevent and preclude them from stealing this company from its rightful owners-we the shareholders.

Man. The longer we go without a refinance deal and the closer we get to a 1 for 50 reverse split on December 18th.....the MORE I'm liking this Hartleib dude.

I never thought I'd say that, but there is alot of pent up frustration and anger shareholders like me are feeling. It was easy when it was directed at the monolithic FCC and the evil NAB.

But after that "ugly" deal Mel struck to close the merger which sold us out to the shorts....we felt betrayed.

This feeling of betrayal was ratcheted up a notch when Mel promised NO Reverse Split or further dilution at the same time Sirius issued a proxy asking for a 1 for 50 Reverse split and 4 BILLION more shares of dilution!!!

I am the FURTHEST thing from a conspiracy nut....but it's hard to ignore all the broken promises and lies Mel has told so far. Perhaps his calling shareholders "unsophisticated" was a freudian slip that belied his TRUE intentions. Maybe he felt he could exploit the shareholders seemingly blind devotion forever.

But after the merger fiasco...and the price drop to 20 cents....does he REALLY think we'll just willingly VOTE YES AGAIN????

Just because we gave him the green light for the Merger....doesn't mean he can expect us to say YES to a Reverse Split and further dilution.

I suggest you all get on board with Hartlieb. You should have been on today's conference call. There is no doubt in my mind that Hartlieb is on target with this suit. We need to band together and go after Mel. He has ****ed all us shareholders and will bury us unless we fight back. Mel has done nothing in defense of the shareholders. The manipulators continue to naked short this stock. Mel knows who it is and just stands on the sidelines and watches. A R/S kills us. A 1/40 split brings the price to $8 and Mel sells the company privately for $16. Your .38 per share is now worth .76 and your are out on your ass. This is potentialy what could happen if you vote yes.

Who really knows......

Aren't we being a little presumptive in these accusations? I think Mel and the rest of the Board realize that many of their clients are also shareholders and by screwing us, they may screw their own company. I, for one, am both an investor and client. I can assure you that if Me & Co. demolish my investment in this company, that I will certainly cancel end my patronage to their services and encourage everyone else I know to do the same. Surely SIRI's executives are cognizant that I am not alone in this thinking.

My completely subjective and unsubstantiated take on all of this, is that Mel has a great plan which he is not willing to share yet. A plan with the shareholders interest at heart. I believe his delay sharing his plan(s) are because they are not final and the release of more arbitrary and speculative information would further aggrevate the shareholders and give Wall Street further reason to beat the stock up.

Example- News headlines from SIRI last month announce that 50 people were laid off from SIRI/XM in order to begin realizing savings from the merger. I know for a FACT that number was well over 250 people, just in the D.C. XM Operations hedquarters alone. Again, I am not sure why Mel wouldn't announce the full headcount reduction numbers, but I can only assume he has some reason that he is not willing to share yet.

I share the common concensus which many members of this forum do, that Mel is not being forthright quickly or effectively to date. But I also believe that this man is a VERY shrewd, well connected, confident and capable leader. I expect that once ABSOLUTE plans, which will give SIRI the boost that it needs, that an immediate conference/announcement will be broadcast for the world to hear.